Power systems has been subjected to significant upgrades in terms of structure and capacity. Reliability evaluation of composite power systems has surfaced as an essential step in operation and planning stages of the modern power system. It is an effective tool to investigate the ability of power systems to supply customers with reliable power service. The purpose of this review is to enhance the knowledge of reliability studies conducted on composite power systems by providing a critical and systematic review. This work investigates peer-reviewed articles published between 2007 and 2017 in three reliable databases. The findings reveal that the reliability of composite power systems has received considerable attention over the last few years. Secondly, investigation studies demonstrated a crucial role in verifying the impact of adopting new technologies. Third, studies on this topic have been intensively conducted in Asia, which highlights the promising sectors in these regions. However, researchers have generally focused on developing several aspects (e.g., evaluation speed and wind power integration) at the expense of others (e.g., realistic studies and other renewable energy resources). The lack of practical applications is evident in the surveyed publications. These findings imply a potential incoordination between the needs of the real applications and researchers’ tendencies. Future reliability evaluation scholars are advised to consider the findings of this systematic review including concentrating on insufficiently covered topics and enhance the coordination among the efforts devoted in this area.